TRON (TRX) Price Analysis – April 15

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  • The short-term outlook is in the uptrend while the medium-term outlook is in consolidation.
  • Traders may look to buy at the pullback with a bullish reversal candlestick as confirmation.

Tron, TRXUSD,TRON chart by TradingView

TRX/USD Medium-term Trend: Ranging                                

  • Supply zones: $0.04000, $0.05000, $0.06000
  • Demand zones: $0.01000, $0.00900, $0.00800

TRON is in a range-bound market in its medium-term outlook. The bears’ pressure was weakening at $0.02569 in the demand area within the range on 12th April, with candles closing with wicks at the area. The weekend saw the bulls make a gradual return with a bullish doji formation as TRX rose to $0.02658  in the supply area breaking the two EMAs before the close of yesterday’s session.

With the bullish spinning-top formed at $0.02710 after today’s opening session, the bullish pressure may be sustained within the range with price already up at $0.02772. This was further confirmed with the signal of the stochastic oscillator pointing up at 78%.

$0.02800 is the upper supply area while $0.02547 is the lower demand area of the range. Traders should be patient for a breakout at the upper range or a breakdown at the lower range before taking a position.

TRX/USD Short-term Trend: Bullish

 Tron, TRXUSD,TRON chart by TradingView

The cryptocurrency is in the uptrend in its short-term outlook. The bulls showed signs of a return yesterday with the formation of a bullish marubozu candle at $0.02616.The momentum was sustained with the break at the two EMAs. Today’s bullish 1-hour opening candle at $0.02712 further confirmed the bulls’ takeover with the price at $0.03030 in the supply area.

The stochastic oscillator signal points up at 72% and the price is above the two EMAs an indication of upward continuation in price momentum in the short-term.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research

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